The move “strengthens the cooperative relationship between our markets and sets us toward allowing firms from Taiwan to utilize the TSE” for future fundraising, TSE Group President Atsuhi Saito said after inking the accord.

GTSM’s total capitalization stood at $56 billion (¥4.45 trillion) as of the end of April, roughly half the capitalization of the Osaka Securities Exchange’s Jasdaq market for startup firms.

While the Taiwan Stock Exchange is mainly a vehicle for large and medium-size companies, the GTSM is an over-the-counter market for growing enterprises, including information technology firms. The number of firms listed on the bourse stood at 615 at the end of April.

In a related development, the TSE Group and Daiwa Securities Group Inc. are scheduled to sign a memorandum of understanding Tuesday with Myanmar’s central bank to develop a securities market amid the country’s rapid economic and democratization reform drive.